There should be a lot of people eating humble pie right about now..
Would you look at the monthly continuous Gold future! What a move it's been as it hit overhead resistance at $1300 on Friday night to close the week out at near its highs. Since it's initial breakout during early February, see here, gold has consolidated well between $1220 - $1280 and is now ready for the next move higher to the 1320's resistance area near the 38.2Fib retracement.
MACD has yet to make a bullish up cross on the chart below, however at this stage is all but a formality with a decreasing -ve histogram potentially turning positive in May. The last time the histogram turned +ve on this chart was back in the year 2000 right before the 11yr bull run! This would be a bullish signal.
Stochastics has just confirmed the formation of a bullish higher low on the chart below leaving the oversold region. The last time %K formed a higher low leaving the oversold on this chart was back in the year 2001 at the commencement of the last great bull run. This is a bullish signal too, however both these signals together along with price confirmation, is a very bullish signal.
This chart pattern has all the hallmarks of being the start of another great bull run eclipsing previous highs. I am bullish over the next 6 - 12mths with an intermediate target high for 2016 of $1500 at the 61.8Fib retracement, however potentially going much further to $2200 by 2018 - and beyond.
